併購保證補償保險之定位與適用──由Ratajczak v. Beazley Solutions Limited案出發

A Study of Warranty and Indemnity Insurance in Mergers and Acquisitions─Focus on the Case of Ratajczak v. Beazley Solutions Limited

於併購交易中，買賣雙方對於資訊不對稱之風險管理為交易談判之重點。為合理分配資訊不對稱之風險承擔，多以陳述與保證條款為核心加以規劃。近年來，保險人逐步進入歐美併購市場，以保險機制管理交易過程中資訊不對稱之風險，通過併購保證補償保險介入陳述與保證條款之安排，成為併購交易之關鍵組成部分。市場上以買方保單及賣方保單做為不同模式區分，惟其性質分類與制度屬性仍未明確，本文即以Ratajczak案為討論核心，探討併購保證補償保險之定位與適用。

In M&A transactions, managing the risk of information asymmetry between buyers and sellers is essential to successful negotiations. To reasonably allocate this risk, representation and warranty clauses are often used as the primary basis for design. In recent years, insurers have introduced Warranty and Indemnity Insurance (W&I) into Europe and US M&A markets to manage the risk of information asymmetry in transactions. W&I has become a key component of M&A transactions by involving the arrangement of representations and warranty clauses. The market distinguishes the Buyer Side Policy and Seller Side Policy as different models, but their nature and character are remain unclear. In this article, we take the Ratajczak case to explore the contents and applications of W&I.